Posted 4 years ago on Feb. 7, 2012, 8:09 a.m. EST by Loserville
(-13)
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Typical of government unions, Greek public employees can't seem to understand the end of borrowed money. Their sense of entitlement runs so deep, they can't grasp being cut off even when it's obvious they'll never pay back what they borrow. In a fundamentally broken place like Greece, the country operates on borrowed money for the benefit of its employees, not its people. And now, the unions seek to make it even worse.

Think Greece. Think New Jersey. Think Illinois. Think Wisconsin. Occupy common sense. Government for the people, not just those that work there.

14 Comments

The borrowed money is being used largely to pay off and forestall default on previous debt, and in order to maximize the payments, internal spending has to be slashed. The Greeks are not too happy about this, and rightly so.

Speculators are driving the Greek economy, and have been for years. The EU "loans" are their bailouts.

The fix is simple: default, leave the EU, return to the drachma, set its value at 50% of the Euro (or less) and watch industry and tourism boom and the economy stabilize and then grow.

Iceland and Greece are poles apart culturally speaking and how they came to land in the financial doldrums. Iceland was scammed, Greece hmmm....

A closer comparison would be Ireland (still not completely the same but closer to Greece and arriving there quite similarly minus the endemic corruption). Ireland today has already started to recover, if interest rates are any indication.

Ahh, of course, e v i l speculators. Sure, not the smothering crush of government spending, mass state dependency, a giant welfare state and an unwillingness to pay for it other than through borrowed money.

No, screw Greece. See, what you don't get is that even if Greece was able to walk from all its debts, it still wouldn't have balanced books.

The borrowed money ride will be over as soon as the speculators no longer control governments around the world.

"The books" are not a physical science, they are a human construct. There is no theory of economics that has been proven let alone demonstrated sound. It is simply another power structure - like religion and government - to exercise control over the masses for the benefit of the few.

Balanced it's books? I bet you didn't know that Goldman Sachs went in and cooked their books several years ago, which, along with speculators using credit default swaps to bankrupt the greek government, is the reason why the Greek government finds itself where it is now.

In the United States, the Federal Reserve is our "Central Bank". Their primary function is to 1) Create Money, and 2) Determine the interest rate.

What everyone, and I do mean everyone under a fiat money system, needs to realize: "If a central bank is determining an interest rate on the money that they create - that then means the money is LOANED.

But who is it being loaned to and how are they then expected to pay it back?